bpost: sells 50% stake in banking JV to BNP Paribas Fortis
(CercleFinance.com) - Belgian postal service bpost announced on Thursday that it has made changes to its banking partnership with BNP Paribas Fortis.
bpost said it has decided to sell to BNPPF its 50% stake in the joint venture they have been operating for 25 years.
The purchase price is expected to range between 100 million euros and 120 million euros, the company pointed out.
This decision was supported by the current context of low margins, low interest rates and stringent capital requirements, it added.
Under the new seven-year partnership with BNP Paribas Fortis, bpost will continue to provide banking services through its physical network of post offices, securing future revenue from the banking activities.
bpost and BNPPF intend to sign binding agreements by the end of March 2021, with the objective to close the transaction by the end of 2021.
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